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Page Industries: Near-term blip, strong long-term outlook

While second wave of COVID-19 will impact the operations of Page Industries in the near term, we expect significant recovery from Q2FY22 as the restrictions ease

May 28, 2021 / 11:29 AM IST
Page Industries: Near-term blip, strong long-term outlook

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Page Industries (CMP: Rs 31,840; Market Capitalisation: Rs 35,519 crore) posted in-line results in the March 2021 quarter. Considerable easing of restrictions and channel filling, coupled with the low base of the corresponding quarter, led to robust earnings growth. Restrictions and lockdowns owing to the second wave of COVID-19 would have minimal impact as innerwear is a need-based product and we expect strong recovery, once the restrictions are eased as was witnessed in FY21. Inroads into the rural sector and robust...

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